How do you buy cryptocurrencies?
You can buy cryptocurrencies in a number of ways but the most straightforward is to find a crypto app or to go to an exchange such as Binance or Coinbase then deposit funds and then buy crypto!
Which cryptocurrency do I buy?
This is a pretty personal question and I’ll start by saying that Crypto currently investingis filled with new exciting options as well as old coins that are proving to be staples. Bitcoin and Ethereum are staples and nearly everything else has either not been around as long or is just starting to stabliize into something long term.
You can go to my page here and see “What is a blockchain”.
But in a nutshell, Bitcoin is digital money and people liken it to gold. Ethereum is like oil in that it has a utility purpose, it performs work on a blockchain where people make applications.
What do I do with my coins after I have them?
Before you buy your cryptocurrency most people know if they want to hold their coins for a few years, and others know that they probably want to trade actively in the crypto space.
For those of you who want to hold you will probably want to hold your coins in your Coinbase account, again, it is insured by their insurance policy and the US dollar portion of your account is FDIC insured. If you want to hold your coins yourself you have a few options:
- Cold storage and paper wallets
- Hardware wallets
- Private key holding devices
How do I trade cryptocurrencies?
If you decide that you want to trade cryptocurrencies you have several options, below is a fairly comprehensive list of good exchanges in no particular order
To trade out of the larger coins, like Bitcoin, into the other smaller currencies you will need to navigate the exchanges to do so.
What is next?
From here you need to get educated in whatever of investing or trading style that interests you. Read up on the technology, each coin and be prepared to be sucked in because this stuff is fun!